Reuters
U.S. labor market powers ahead as weekly jobless claims fall, layoffs hit 24-year low
The number of Americans filing new claims for jobless benefits fell last week, while layoffs dropped to their lowest level in more than 24 years in August, suggesting the labor market was charging ahead even as new COVID-19 infections surge. The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy’s health, also showed the number of people on state unemployment rolls tumbling to a 17-month low in the third week of August. Declining layoffs should help to ease concerns about the economy even if August’s closely watched employment report on Friday shows a slowdown in nonfarm payrolls growth.
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